Egypt's General Authority for Investment and Free Trade Zones (GAFI) agreed recently to the establishment of a new joint stock company.

The company will be set up with a capital of L.E. 250 million, GAFI Chairman Mohamed El-Ghamrawi said, adding that the Egyptian share will be 44.45 %, the Arab contributions stand at 22.2 %, and the remainder will come from Switzerland.

The new project, which will be located in 10th of Ramadan City will produce and refine the raw materials for the glass industry. "The new factory will provide 250 jobs and its exports are expected to be worth L.E. 90 million," El-Ghamrawi conveyed.

GAFI is facilitating investment procedures and has granted a temporary license to investors until the official documentation is finalized, which will be within the next 15 days, El-Ghamrawi added. (menareport.com)